quote:

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Originally posted by JACK FROST:
If youre getting a loan to buy the house make sure that it is a fixed rate loan.
The more you have to put down the lower your monthly mortgage should be.

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This^^^^^^ &
also make sure where you buy there is no H.O.A.'s or else you'll have to factor that into your monthly amount, make sure that you will have the money to cover property tax when its due OR you can do an impounded account where you pay omn your property tax monthly but once again your monthly cost goes up.

You can go sit down and talk with a mortgage broker free of charge too just to get pre-approved, ask questions and know if your wasting your time.

Also if you have an IRA or 401k you can look into using some of that money tax free for your FIRST home. I dont promote using those funds but to get to do it tax free, well..... you have to make an exception on this one. not sure if that rule applies in AZ BUT I know it did when I bought my house.
 

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Posted by hidnn.o.s. (Member # 1219) on :
 
Best decision you can make, congrats
 

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Posted by 92MaroonGT (Member # 10397) on :
 
Thanks guys. A few more ?'s.


Should I look for Short Sales? Or stay away? Also foreclosures?
 

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Posted by JACK FROST (Member # 9987) on :
 
I am not too familiar with short-sales but I do know that foreclosures are good prospects because it costs the bank money to keep them, thus they are usually willing to deal.
 

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Posted by REDLIGHTING (Member # 11296) on :
 
FIXED RATE the loan officer will take care of you,
I just bought a home with fix rate of 3.7% and 3.5% down
 

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Posted by Cobra 93-4992 (Member # 4992) on :
 
Find a loan officer and a real estate agent, they will direct you on what to do.

Min 3.5% down plus closing costs add another 2-3%.

If your used to 700 a month and houses are 500 a month go for a 15 year and pay that bitch off faster. Don't be a sucker with a 30 year loan.
 

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Posted by v-town coupe (Member # 2771) on :
 
short sale homes are anything but "short sales" the fastest one I personally have seen was 3 months, also had a buddy get one after a year. So if you really like the place dont be scared of it BUT be ready for some drama. Just dont put all your eggs in one basket is all. Inquire, do the paper work etc, BUT dont stop looking is all.
 

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Posted by v-town coupe (Member # 2771) on :
 
foreclosures will just depend on the house!

Do you want to buy a house that used to be a grow house with giant holes in the wall?-no

Do you want to buy a house that somebody lost and got bent and flushed concrete down the toilet-no

Do you want to buy a house somebody invested time and left gracefully- sure why not.

Something to keep in mind is if your a first time buyer and more then likely using an FHA, FHA's are a lot more strict on the home inspections so they will not 100% guard you but will look out for you to a certain extent.

Also something to consider too, is if your FHA you are the bottom feeder if there is multiple offers. the food chain pretty much goes:

-Cash offers
-Traditional with 20% down
-FHA

What part of Arizona are you in? I can ask my future sister and brother in-law if they have any recommendations on realtors if you want?

They Lived out there for a while, sold their home. Then moved to Rapid city S.D. to buy into a practice (oral surgeon) and just recently bought a Vacation home out in surprise AZ.
 

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Posted by 92MaroonGT (Member # 10397) on :
 

quote:

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Originally posted by v-town coupe:
foreclosures will just depend on the house!

Do you want to buy a house that used to be a grow house with giant holes in the wall?-no

Do you want to buy a house that somebody lost and got bent and flushed concrete down the toilet-no

Do you want to buy a house somebody invested time and left gracefully- sure why not.

Something to keep in mind is if your a first time buyer and more then likely using an FHA, FHA's are a lot more strict on the home inspections so they will not 100% guard you but will look out for you to a certain extent.

Also something to consider too, is if your FHA you are the bottom feeder if there is multiple offers. the food chain pretty much goes:

-Cash offers
-Traditional with 20% down
-FHA

What part of Arizona are you in? I can ask my future sister and brother in-law if they have any recommendations on realtors if you want?

They Lived out there for a while, sold their home. Then moved to Rapid city S.D. to buy into a practice (oral surgeon) and just recently bought a Vacation home out in surprise AZ.

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Good info. I am in north phoenix area.
 

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Posted by venomous99 (Member # 1917) on :
 
My suggestion is anyone should prioritize modding the Stang before considering a home purchase. Y'all crazy for thinking otherwise
 

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Posted by 98 ROUSH (Member # 10309) on :
 

quote:

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Originally posted by venomous99:
My suggestion is anyone should prioritize modding the Stang before considering a home purchase. Y'all crazy for thinking otherwise

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+1
 

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